The first full James Bond SPECTRE trailer has been released and it's got fans desperately wondering whether there's an old foe of 007 in it in disguise.

It only took a few seconds up of the trailer but Christoph Waltz's character has super spy fans in a tizzy about the possibility he's not playing Franz Oberhauser but actually playing Ernst Stavro Blofeld.

Despite Waltz categorically stating his character is not Blofeld - who was last seen in 1983's Never Say Never Again - there are some pretty heavy hints that he is.

Christoph Waltz has a passing resemblance to Blofeld?

The chief pointer is that Blofeld is the head of a terrorist organisation named the Special Executive for Counter-intelligence, Terrorism, Revenge and Extortion, which handily spells out SPECTRE.

And it appears the theory has fans utterly convinced.

"Christoph Waltz is almost certainly Blofeld in #SPECTRE," wrote one.

Is Blofeld back? (Image: YouTube)

"Of course Christoph Waltz is Blofeld in SPECTRE. And wh's guessing the other guy is Oddjob?" said another while a third wrote: "Christoph Waltz ISN'T Blofeld in the same way Benedict Cumberbatch WASN'T Khan. #SPECTRE."

However, some were less than convinced: "I'm not convinced Waltz is Blofeld. It's too obvious. Perhaps Monica Bellucci is the real power here."

But others had another theory.

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"That SPECTRE trailer is bluffing us - Andrew Scott will be Blofeld. YOU HEARD IT HERE FIRST."

Another added: "Calling it now, Andrew Scott is actually #Blofeld in #Spectre and going forward!"

In the new clip Bond is unrelenting utilising rear flame-throwers, planes and all sorts.

The start of the clip is very much like the first SPECTRE clip, but then Daniel Craig's Bond gets in the Aston Martin DB10 and all hell breaks loose.

Bond's car has always been equipped with gizmos, but this is the first time in a while the franchise has utilised the classic flamethrower.

One person who definitely isn't Blofeld is James Bond

In past movies and in times of need Bond has turned to this trusty weapon. In 1973 film Live and Let Die, starring Roger Moore as Bond, Moore used a makeshift flamethrower to kill a poisonous snake in his hotel room in San Monique.

Towards the end of the latest clip, Bond is seen embracing new Bond girl, Monica Bellucci, while Q, aka Ben Whishaw looks like he's in a panic.